Neteller started fiat-to-crypto withdrawal service
NETELLER’s digital wallet now supports fiat-to-crypto withdrawals, allowing clients to rapidly convert and withdraw their fiat amount to a cryptocurrency wallet. Neteller had announced initiating this service in October 2021, following the launch of the fiat-to-crypto withdrawal service of Skrill, another PaySafe wallet, in February of the same year.
What is Fiat-to-Crypto?
Fiat currency is a national currency that is not linked with any commodity. The public’s trust in the currency’s producer, which is usually that country’s government or central bank, determines the worth of fiat currency. Fiat currency is the opposite of commodity money, which has an intrinsic value. An example of fiat currency can be U.S. Dollar, Euro, Pound Sterling, etc.
Cryptocurrency, often known as only crypto, is a digital or virtual currency based on blockchain technology. It’s a peer-to-peer system that allows people to make and receive payments from anywhere. The name “cryptocurrency” comes from the fact that it utilizes encryption to validate transactions. There are currently 5,000 different types of cryptocurrencies available, in which Bitcoin, Ethereum, Dogecoin are the most popular.
Buying cryptocurrencies with fiat money is referred to as “fiat to crypto“. Buying Bitcoin with Euro, for instance.
How much fiat currency and cryptocurrency to exchange?
Using Neteller’s fiat-to-crypto service, users can exchange 40 fiat currencies, including the Euro, US dollar, and British pound sterling, into 38 different cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), etc. This feature is already available in ten countries around the world, including the United Kingdom, Chile, Canada, and Australia, with ambitions to expand to other countries and add more cryptocurrencies to convert in the future.
“With so much interest in the digital asset space right now we’re excited to announce this new feature for NETELLER’s cryptocurrency service, which is the latest in a series of new additions and enhancements,” said Jordan Stoev, Head of Crypto, Skrill, and NETELLER, at Paysafe. “The new withdrawal feature saves both time and money spent on fees for our NETELLER cryptocurrency users by allowing them to move their existing fiat balance to a crypto address of their choosing.”
So, when are you going to take benefit from this fiat-to-crypto withdrawal service? If you don’t have a Neteller account yet, hurry up and follow this detailed instruction by eWalletsReview and create one. You can find out how to purchase and exchange cryptocurrency with Neteller here.